EUR/JPY Breaks Below Rising Trendline Support

Broken Trendline: Today after some initial bounce after the ECB meeting and press conference, the EUR/JPY slid further away from the 102 handle, showing a clear break below the rising trendlinesupport, as seen in the daily chart. The break below 1.02 also pushes below the 200-dqay SMA, opening up some retracement targets, the first one being 100.58, 38. 2%. Below that there is a support pivot at 100.14. These are conservative targets. If the market can hold below 102, the focus remains bearish with further room to the downside.

50% retracement at 99.34 to 99.55 pivot is a valid target for the current bearish outlook. A slightly more aggressive target is the 98.00 handle to 98.10, 61.8% retracement.

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